The Future of Business


This list of 99 Facts pulled together by SAP continues to build the case for inevitable change. The title of this SAP presentation  is “The Future of Business”. Here are some of the key facts from various sources. There are embedded links in the content that take you to the source documents. Enjoy.

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Predictive Analytics in the Insurance Industry


This very good Article by Anand S. Rao discusses the growing use of predictive analytics in the Insurance Industry. I believe Mr. Rao is right on the mark – although I continue to emphasize the expanding role of Text Analytics in the analytic value equation. In this article, he identifies some of the drivers of predictive analytics adoption.

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A Familiar User Interface


This Article by Michael Hugos titled “Social Media front ends plug into enterprise applications” touches on one of the evolutionary social business paths that I believe is inevitable. Mr. Hugos describes a scenario where social media such as FaceBook and Skype become the user interface and connect to appropriate in-house systems using SOA. He states: “People already know the user interface for these social media platforms so the learning curve is not hard. And the new system runs on all sorts of mobile devices like iPhone, Android and iPad, and it stays current as new devices come out because the social media vendors (FaceBook and Skype in this case) do that job for us”. 

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Decisions at the Point of Interaction


After defeating the two biggest Jeopardy champions of all time, people are buzzing about IBM Watson. Reactions range from excitement over the possibility it represents, to fear over the potential impact on society. Count me among those who believe that this technology will have a positive impact on business, Government and humankind. With every new game changing innovation, there is always fear over the potential impact on humanity. However, a machine will never have wisdom. It will never have the ability to invent, have empathy, or match the knowledge and ability to reason of a smart, experienced human being. But this form of advanced analytics will help us perform better. 

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Where is Business Analytics Going and how do I take Advantage?


Business Analytics will continue to gain traction in every industry, and several key factors make this a foregone conclusion: 

  1. The expanding universe of data and the opportunity and risk that it represents
  2. The growth of social channels
  3. The growth in mobile interaction and resulting need for analytics
  4. The critical need for customer intimacy
  5. The growing need for differentiation through innovation
  6. The rapid escalation of complexity that surrounds business today
  7. An increasing focus on value creation, growth and revenue generation
  8. The critical need for smarter decision making
  9. A continued increase in computing power that makes real time analytics viable
  10. The continued delivery of new and improved advanced analytic capabilities
  11. The movement to make advanced analytics software business user friendly

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The Role of Social Computing and Business Analytics


After some very bad and well-publicized business decisions drove a subprime mortgage meltdown and the near collapse of the auto industry, many would agree that methods for enhancing decision making are greatly needed. Findings in a recent MIT Sloan special report support this notion. Senior executives want their businesses run by data-driven decisions. They want to understand optimal solutions and take action quickly; but as the authors point out, this is no small task. They suggest that in order for insight to drive action, the insight must be closely linked to business strategy, easy for end users to understand, and embedded into organizational processes.

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